2021 INDEBTEDNESS 2c - SELF-SUPPORTING REVENUE DEBT $4,435,000 UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2011B Amount Outstanding: $505,000 FY2022 Debt Service: Principal - $505,000 Interest - $16,412 Maturity Date: October 1, 2022 Interest Rate: 3.25% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $4,435,000 Utility System Revenue Refunding Bonds, Series 2011B dated November 3, 2011 were issued for the purpose of advance refunding a portion of the Utility System Revenue Refunding Bonds, Series 2002C. The refunding resulted in an economic gain in present value savings of $328,121 over the life of the issue. Pledge: The Series 2011B Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. $35,600,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2013 Amount Outstanding: $1,630,000 FY2022 Debt Service: Principal - $795,000 Interest - $81,500 Maturity Date: October 1, 2023 Interest Rates: 5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $35,600,000 Utility System Revenue Bonds, Series 2013 dated December 13, 2013 were issued for the purpose of financing the acquisition of certain water and wastewater utility assets. Pledge: The Series 2013 Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2013 Bonds are on parity with the Series 2011B Bonds and the Utility System Revenue Refunding Note, Series 2012. $18,590,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2016A Amount Outstanding: $18,590,000 FY2022 Debt Service: Principal - $0 Interest - $743,600 Maturity Date: October 1, 2043 Interest Rate: 4.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $18,590,000 Utility System Revenue Bonds, Series 2016A dated June 21, 2016 were issued for the purpose of financing the design and construction of facilities expanding and improving the County’s Utility System. Pledge: The Series 2016A Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2016A Bonds are on parity with the Series 2011A, 2011B, and 2013 Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. $43,015,000 UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2016B Amount Outstanding: $43,015,000 FY2022 Debt Service: Principal - $0 Interest - $1,943,750 Maturity Date: October 1, 2037 Interest Rates: 4.00-5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $43,015,000 Utility System Revenue Refunding Bonds, Series 2016B dated June 21, 2016 were issued for the purpose of advance refunding all of the County’s Utility System Revenue Bonds, Series 2007. The refunding resulted in an economic gain in present value savings of $9,844,277 over the life of the issue. Pledge: The Series 2016B Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2016B Bonds are on parity with the Series 2011B, 2013 and 2016A Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. 36 Consolidated Major Revenue & Debt Report 2021
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